Industrialist Vijay Mallya, wanted in India for defaulting on over Rs 8,000 crore in bank loans, was arrested in London on Tuesday. Within hours, a court granted him bail. The court issued some stringent orders against Mallya before granting him bail, instructing “neither he can apply for travel documents nor attempt to leave the UK”.

It further directed the business tycoon to live in Hertfordshire and keep his cell phone on round the clock. Mallya’s revoked passport will also be retained until further orders of the court.

On February 8, the Indian government handed over to British authorities a formal request for Mallya’s extradition, saying it had a legitimate case against him on charges of financial irregularities and loan default. Prime Minister Narendra Modi, it is learnt, raised the issue when British Prime Minister Theresa May visited New Delhi last November.

Jaitley broached the matter with the UK’s Chancellor of the Exchequer Philip Hammond and May when he visited London in February. He pursued the matter with Hammond again earlier this month when the latter came to New Delhi.